UAE to give $3 billion to Pakistan to boost economy

A Pakistani Cabinet minister says the government of United Arab Emirates will soon deposit $3 billion into the State Bank of Pakistan to help the cash-strapped Islamic nation overcome its economic woes.

Friday's announcement by Information Minister Fawad Chaudhry

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comes after the UAE government via its state-run news agency said the government-owned Abu Dhabi Fund for Development will deposit the $3 billion in State Bank of Pakistan in the coming days.

Earlier, Pakistani Prime Minister Imran Khan went to twitter to praise the UAE government for "supporting Pakistan so generously in our testing times". He said the UAE government's move "reflects our commitment and friendship that has remained steadfast over the years".

The development comes amid Pakistan's negotiations with the IMF to secure an $8 billion bailout package.